Tuesday, January 23, 2018

Bitcoin Panic: How Much Will Investors Lose? Should They Have Put Their Money With Jamie Dimon Instead?

THERE are mounting fears that Bitcoin investors will struggle to get their cash out after the cryptocurrency's value fell 40 per cent in a single month...

[I] t could be bad news for investors tied up in Bitconnect who fear they will lose their money after the controversial trader announced it was shutting down.

It assured customers they would be able to withdraw at a "recent exchange rate" but "continuous cyber-attacks" have prevented them from doing so, Fortune reports.

Concerned investors have since taken to social media to complain they fear losing anything from a few thousand dollars to their entire "family savings".

It should be noted that Bitconnect shows once again that on the practical level the idea that Bitcoin is exempt from third-party trust problems is largely a myth. Most bitcoin mania induced buyers keep their bitcoins at exchanges, where TPT is a real problem. It has in fact proven to sometimes be a lot more dangerous of a step to keep bitcoins at one of these exchanges than keeping paper money with Jamie Dimon at JPMorgan Chase.

For example, there was Mt Gox exchange losers, now concerns with Bitconnect and halts in e-currency trading during peak volume periods at other popular exchanges.

Seriously, it is much more prudent to keep your money under your mattress in the form of gold coins and with Jamie.

3 comments:

Bitconnect was a ponzi operation that was plain for everyone to see, and investors were not allowed to hold bitcoins. Bitconnect made all investors buy bitconnect tokens and then manipulated the ponzi payouts with those tokens. This story has absolutely ZERO to do with bitcoin third party trust problems.